PIAB report shows 'insurance reforms are working'

Responding to the Personal Injuries Assessment Board report, Alliance for Insurance Reform chief says firms and community groups ought to see reduced premiums

The report shows that, last year, the Personal Injuries Assessment Board dealt with the lowest total value of claims in the last 16 years. Stock picture 

Reforms of the insurance industry are working but scrutiny needs to be extended to a wider range of settlements, according to Brian Hanley, the head of the business campaigning group, the Alliance for Insurance Reform.

Mr Hanley said the annual report from the Personal Injuries Assessment Board (PIAB) showed the value of awards through the board had fallen sharply, but that insurers should pass on in full their savings to businesses.

PIAB, which deals with motor, workplace accidents, public liability, and Garda compensation claims, accounts for only one part of all insurance settlement claims in the State. Mr Hanley said: 

Small businesses, voluntary, sports, and other organisations in our communities were entitled to see a portion of that money in the form of reduced premiums, especially for public liability. 

The PIAB 2022 report showed the number and value of claims dealt with by the board had slid in the first year since the introduction of new guidelines which were designed to lower the costs of insurance claims and premiums in Ireland.

The value of claims was still running at a “substantial” €141m last year, but was “the lowest total value of claims that PIAB has awarded in the last 16 years”, PIAB chief executive Rosalind Carroll stated in the report.

“The combined impact is that the overall value of claims has dropped significantly which should have a very positive impact on insurance costs,” Ms Carroll said.